Fischer resigns from Fed

6 Sep 2017 06:45 PM

Stanley Fischer, the vice chair of the Federal Reserve Bank, has resigned a year before his term ends due to personal reasons in an official letter to US President Donald Trump that he will step down in October.

Fischer was appointed in 2014 by former US President Barack Obama and according to his mandate was due to expire in June 2018. The current Federal Reserve Governor, Janet Yellen, is due to expire in February next year. Trump said she may be reappointed despite the presence of other candidates.

Fischer was a former professor of economics at the Massachusetts Institute of Technology and was a governor of a central bank between 2004 and 2013.

The following is a copy of the text of the resignation submitted to Trump:

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